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Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of significant components of deferred tax assets and liabilities
Significant components of the Company’s deferred tax assets and deferred tax liabilities as of the dates presented as follows (in thousands):
March 31, 2022March 31, 2021
Deferred tax assets:
Net operating loss carryforwards$49,715 $47,424 
Tax credits6,171 5,444 
California capitalized research and development40 72 
Others, net564 581 
Total deferred tax assets56,490 53,521 
Valuation allowance(56,550)(53,481)
Deferred tax asset, net of valuation allowance(60)40 
Deferred tax liabilities:
Fixed assets60 (40)
Total deferred tax liabilities60 (40)
Net deferred tax assets$— $— 
Schedule of reconciliation between the federal statutory rate and the effective tax rate
Reconciliation between federal statutory tax rate and the effective tax rate is shown in the following table for the periods presented:
Year Ended March 31, 2022Three Month Transition Period Ended March 31, 2021Year Ended December 31, 2020
Federal statutory income tax rate21.00 %21.00 %21.00 %
Research and development credit7.10 %2.73 %4.06 %
Nondeductible expense1.80 %(2.43)%0.64 %
Loss in joint venture(1.87)%(6.76)%(11.70)%
Foreign income tax rate difference1.39 %2.45 %4.10 %
Others, net(0.40)%0.85 %(2.08)%
Valuation allowance(29.02)%(17.84)%(16.02)%
Effective tax rate— %— %— %

On March 27, 2020, the CARES Act was signed into law. The CARES Act repealed the 80% taxable income limitation for the 2018–2020 taxable years and reinstated NOL carrybacks for the 2018–2020 taxable years. In addition, the CARES Act temporarily increases the business interest deduction limitations from 30% to 50% of adjusted taxable income for the 2019 and 2020 taxable year. Lastly, a TCJA technical correction that classifies qualified improvement property as 15-year recovery period, allowing the bonus depreciation deduction to be claimed for such property retroactive as if it was included in the TCJA at the time of enactment.
On December 21, 2020, the Consolidated Appropriations Act (“CAA”) was signed into law. We do not expect any of the enactments of the CAA to have a material impact on the Company as of March 31, 2022.